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    CHF/JPY: second chance for traders after bullish engulfing

       
    Monday’s bullish CHF/JPY set-up on the 4-hr chart went a little higher , but failed to hit the target and then fell back down again.

    Well, now another bullish set-up has occurred on the 4-hr chart, this time a bullish engulfing candlestick, so traders have a second chance. The set-up has also formed in the trading-zone between the 10 and 20 MA’s

    MACD is moving up line with the up-trend, and is not diverging bearishly.

    A break above the engulfing candle highs at 129.44 would provide bullish confirmation of further upside, with a target at the level of the height of the engulfing candle extrapolated up, which gives a target at 131.01.
    CHFJPY05

       
    Monday’s bullish CHF/JPY set-up on the 4-hr chart went a little higher , but failed to hit the target and then fell back down again.

    Well, now another bullish set-up has occurred on the 4-hr chart, this time a bullish engulfing candlestick, so traders have a second chance. The set-up has also formed in the trading-zone between the 10 and 20 MA’s

    MACD is moving up line with the up-trend, and is not diverging bearishly.

    A break above the engulfing candle highs at 129.44 would provide bullish confirmation of further upside, with a target at the level of the height of the engulfing candle extrapolated up, which gives a target at 131.01.
    CHFJPY05


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